Origin Energy's APLNG revenues rise on higher gas prices and sales
Origin Energy, a company based in Australia, reported a sequential increase in revenue for its first quarter from its stakes in the Australia Pacific Liquefied Natural Gas (APLNG), backed by higher natural gas prices and strong sales.
Origin, which aims to transition to greener energy sources, has said that it is evaluating a variety of early-stage opportunities for renewable development.
As of 0014 GMT the shares of the company rose 0.4% to A$9.54, while the benchmark index fell 0.2%.
The warm weather in Asia drove up energy demand, but prices have been moderated recently due to a tepid market.
Energy retailer says its revenue share of APLNG (a joint venture between U.S. oil company ConocoPhillips, and China's State-owned Sinopec) rose to A$615 ($404.24 millions) for the third quarter ended September 30, compared to A$590 in the previous three months.
Jarden's estimate of A$641m was not met.
In the third quarter of this year, the second largest power producer in the country realized an average price of $11.95 for a metric million British Thermal Units (mmBtu). This was higher than the $11.70 it had achieved in the previous quarter.
The company in Australia said that the LNG sales from the APLNG Project rose by 4% compared to the previous quarter, to 36.3 petajoules. However, its share of the total production from the project fell 1% from one quarter to the next to 47.7 Petajoules.
Jarden analysts wrote in a report that APLNG's quarterly performance was "pretty stable", with the upstream production volume essentially flat from quarter to quarter.
(source: Reuters)
